T. Rowe Price (TROW) CEO Stromberg's 2017 Pay Hiked By 28.9%

By Zacks Investment ResearchStock MarketsMar 04, 2018 09:53PM ET

www.investing.com/analysis/t-rowe-price-trow-ceo-strombergs-2017-pay-hiked-by-289-200295930

T. Rowe Price (TROW) CEO Stromberg's 2017 Pay Hiked By 28.9%

By Zacks Investment Research | Mar 04, 2018 09:53PM ET

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William J. Stromberg, chief executive officer (CEO) of T. Rowe Price Group Inc. (NASDAQ:TROW) , received more than 28% hike in his total compensation package in 2017. His annual salary rose to $11.7 million from $9.08 million in the previous year, according to a proxy statement filed by the company.

The CEO’s compensation for the year increased mainly due to the 25% year-over-year rise in performance-based incentives. Further, the CEO’s package consists of $350-million base salary. Also, it includes $3.55 million as stock awards, almost doubled from the prior year, and $7.6 million as cash bonus from T. Rowe’s non-equity incentive plan, up 11% year over year.

Moreover, Stromberg was also offered a one-time supplemental $39,759 cash bonus for cash dividend equivalents lost due to change in equity grant from semi-annual to annual.

The pay raise of the CEO primarily came on the back of the company’s financial performance in 2017. The company’s earnings per share increased 21% from 2016 and return on equity increased to 28% from 25% recorded in the prior year. Additionally, T. Rowe reported rise in assets under management of more than 22% to $991.1 billion in 2017, with net revenues increasing 13.5% year over year.

T. Rowe Price’s strategic initiatives, including investment in technology and advisory services, strengthening distribution platform, introduction of products, will likely stoke long-term growth. Further, it remains debt free with sufficient liquidity and is focused on raising shareholders’ confidence through steady capital-deployment activities. However, escalating expenses remain a near-term headwind.

All positive factors have caused investors to become optimistic about T. Rowe Price's long-term prospects. Notably, the company's share price appreciated roughly 39.4% in 2017, outperforming 31.1% growth registered by the industry, following a 5.3% rise in 2016.

Currently, T. Rowe carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Stocks to Consider

Shares of Federated Investors, Inc. (NYSE:FII) , which sports a Zacks Rank of 1, gained more than 24% over the past six months. The Zacks Consensus Estimate for the stock climbed nearly 16.8% to $2.78, over the last 60 days, for 2018.

Shares of Ameriprise Financial, Inc. (NYSE:AMP) rallied more than 11% in six months’ time. The Zacks Consensus Estimate for the stock climbed 9.6% to $14.43, over the last 60 days, for 2018. It carries a Zacks Rank of 2.

Shares of Lazard Ltd. (NYSE:LAZ) have appreciated more than 27% in the last six months. The Zacks Consensus Estimate for the stock climbed 8.4% to $3.99, in two months’ time, for 2018. The stock holds a Zacks Rank of 2.

The Hottest Tech Mega-Trend of All

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T. Rowe Price Group, Inc. (TROW): Free Stock Analysis Report

AMERIPRISE FINANCIAL SERVICES, INC. (AMP): Free Stock Analysis Report

Federated Investors, Inc. (FII): Free Stock Analysis Report

Lazard Ltd. (LAZ): Free Stock Analysis Report

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T. Rowe Price (TROW) CEO Stromberg's 2017 Pay Hiked By 28.9%

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